The structure of the present global capitalist world, which is composed of various sets of capitalist systems, can be clearly explained and described with the mathematical concept of 'measure' instead of the conventional term of 'value'. The history of the commodity world is that of the...

In a non-welfaristic framework, Sen (1993) extends the first fundamental welfare theorem by demonstrating that the market mechanism also promotes individual freedom efficiently. This paper has a two-fold purpose. First, in order to investigate extensions of the first and the second welfare...

Using personnel and transaction data obtained from two Canadian auto dealerships, we examine whether ethnic matches between salespersons and customers affectsales prices and the number of units sold by individual salespersons. Regarding prices, we detect neither premium price setting nor...

In this study, using the multinomial logit model, we investigate what factors influence farmers. choices between the alternatives of agricultural work, nonagricultural work, temporary migration, and permanent migration.We find that improving education can help local areas retain their surplus...

We examine whether the effect of sibship size on education differs by the individual's birth order in low-income countries, using data from Matlab, Bangladesh. Exploiting exposure to the randomized family planning program in Matlab for identification, we find evidence that sibship size has...

I examine employment dynamics of married women with a particular focus on the role of part-time work using panel data from South Korea.Using a dynamic multinomial logit model with random effects, I find that a part-time work alternative substantially reduces the probability of being out of the...

In this paper, we investigate the economic effects of possible free trade agreements among ASEAN+3 countries, and then compare the economic results of those FTAs. Our main findings are as follows. First, the trilateral FTA among Korea, China, and ASEAN (FTA_KCA) under the imperfectly competitive...

This study compares a differentiated Cournot duopoly with a two-product monopoly by using the socially optimal solution as a reference point. Each solution is allowedto be either an interior or a corner solution. We establish that the ranking regarding each individual price is clear-cut and...

This paper examines the existence of social welfare functions satisfying some reasonable axioms of distributive equity and Pareto efficiency in aggregating infinite utility streams. Our main results show that there exist social welfare functions that satisfy both the Pigou-Dalton transfer...

Constructing an open economy Lewisian growthmodel withth ree sectors, we analyze the relationship between economic growth and the level of absolute prices. We show that the absolute price level will not increase until the economy reaches the Lewisian turning point. In addition, we show that in...